Railway projects

Umbrella SPV between Government of Gujarat and Ministry of Railways for Railways project within the state.

As per Joint Venture Agreement signed on 17th August 2016 between Ministry of Railways (MOR), Government of India and Government of Gujarat (GOG) , a Special Purpose Vehicle (SPV) namely Gujarat Rail Infrastructure Development Corporation Limited (G-RIDE) has been incorporated for the purpose of development of viable railway projects in the state.

Equity Contribution will be as follows:
Government of Gujarat: 51%
Ministry of Railway: 49%

The Authorized Capital of the following Company would be Rs 100 crore.

The SPV G-RIDE has following objectives:

1.To carry on the business of development, financing, planning, operations and management, implementation of viable projects which may require VGF that are important for critical connectivity/capacity enhancement, development of other infrastructure facilities, by undertaking surveys, preparation of Detailed Project Report (DPR), sanctioning of further railway projects as identified by the Company or by the private parties, to act as technical consultants and advisors in all related matters.

2.Accordingly, to conceive, identify, formulate, initiate, promote, aid, design, develop, structure, monitor, establish and implement of the, whether whole railway project or any part thereof, and its support facilities this project and to finance VGF and/ or to arrange financing of the above activities.

Re-Development of Surat Railway Station as a Multi Modal Hub

The MMTH shall integrate all public transport modes such as City Bus, Bus Rapid Transit System (BRTS), State regional bus service, Metro Rail, Railways and intermediate public transport modes such as auto rickshaw and taxis.

IRSDC, GSRTC & SMC will form project Specific Joint Venture Company (JVC)/SPV for development of international standard multi-modal interchange facility.

MOU is entered on 17th August 2016 by all the three parties with equity sharing IRSDCL (63%), GSRTC (34%) and SMC (3%).

Gandhinagar Railway Station Re-development

Ministry of Railways has selected Gandhinagar Railway Station for itsredevelopment by exploitation of Railway Station Airspace for development of Hotel inintegration of Mahatma Mandir and Helipad Ground owned by the Govt. of Gujarat.

This hotel aligns to the central vista of Gandhinagar, thus adding to the aesthetics of the Central axis and complementing Dandi Kutir and Mahatma Mandir facilities.

An SPV named Gandhinagar Railway & Urban Development Corporation Ltd (GARUD) has been formed with Equity Contribution of Government of Gujarat (74%) and IRSDCL (26%) to work as a Joint Project Development Company for Gandhinagar Railway Station, development of Hotel on the Airspace above Railway Station and Management of Mahatma Mandir and Exhibition Centre at Helipad Ground.

The present estimated cost of the project is approx. Rs.610 Crores whereby grant of 40% of total project cost equivalent to Rs. 122 Crores would be contributed by GoG and Ministry of Railways in equal proportion.

The authorized equity capital shall be Rs. 100 Crores and paid up Equity shall be approx. Rs. 30.4 Crores to be contributed by GoG and IRSDC in 74% and 26%respectively. The figure of paid up equity is subject to finalization of the detailed project cost.

The license rights for Mahatma Mandir and Helipad Exhibition ground would be given to the SPV by Government of Gujarat for 45 years.